US benchmark equity indexes closed higher on Tuesday as the financial community remained focused on the outcomes of the upcoming US presidential election. Wall Street analysts anticipate that fluctuations in key swing states will keep the market in a state of uncertainty until clearer results emerge.

It is expected that it may take several days for a definitive outcome from the vote to be established. The US services sector also demonstrated continued growth in October, although new order growth showed signs of moderation, according to the Institute for Supply Management. Steve Miller, chair of the ISM's services business survey committee, commented, 'Concerns over political uncertainty were again more prevalent than the previous month.' He noted that disruptions caused by hurricanes and labor issues at ports were commonly referenced.

However, several panelists indicated that the short duration of the longshoremen's strike had less of an impact than initially feared. Additionally, the Redbook reported a 6% year-over-year increase in US same-store retail sales last week, following a 5.6% rise in the previous week. This uptick was attributed largely to Halloween-related merchandise, with expectations rising for holiday season purchases to kick off after the elections. In the commodities market, the price of West Texas Intermediate crude oil for December delivery rose by $0.52 to settle at $71.99 per barrel.

Meanwhile, January Brent crude, considered the global benchmark, saw an increase of $0.53, settling at $75.61 after OPEC+'s recent decision to postpone monthly production increases of 180,000 barrels per day until January, while traders remain cautious about geopolitical risks stemming from the election. A notable performer in the market was Palantir Technologies, whose shares jumped by 24% following the release of stronger-than-expected third-quarter results and an upward revision in full-year guidance, driven by the increased demand for artificial intelligence solutions. In contrast, AstraZeneca faced a decline of 7.2% after reports emerged from China's Yicai news agency implicating several senior executives at the company's regional unit in an insurance fraud case..